Market Overview

Marriott And Starwood Investors Voted To Approve Merger

Marriott And Starwood Investors Voted To Approve Merger

Marriott International Inc (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT) jointly announced on Friday that shareholders of both companies successfully voted to approve Marriott's acquisition of Starwood.

Marriott noted in its press release that holders of over 97 percent of Marriott shares were present at a special stockholders meeting, and holders of over 95 percent of Starwood shares were present at a separate meeting.

Arne Sorenson, Marriott's president and chief executive officer, said, "With today's successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders' vote of confidence in our ability to drive long-term value and opportunity as a combined company."

Related Link: Bentz: Here's The Concern For A Starwood-Marriott Merger

Thomas B. Mangas, Starwood's chief executive officer, stated, "Today's vote is a significant step toward closing, and we are grateful for the continued enthusiasm and support for this merger. There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests."

The proposed merger has already cleared an antitrust review in the United States and Canada, along with other multiple jurisdiction. As such, the transaction remains on track to close mid-2016.

Shares of Marriott were trading higher by 1.16 percent at $66.29 heading into Friday's final hour of trading while shares of Starwood were higher by 0.78 percent at $78.78.

Image Credit: Public Domain


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